In all my previous analysis(see attached idea links below), I mentioned about selling the minor rallies in GBPUSD .

At this point, GBPUSD has not only broken through the 100D EMA but also consolidated below it which is quite bearish . From the fundamental point of view, post-Brexit EU-UK talks will determine the direction of GBPUSD in the near term.

However, I believe selling the rallies is still the ideal way to trade this cross.

So, I would like to execute sell trades between 1.2880-1.2950 with SL above 1.3050.
I will target 1.2750, 1.2680 and 1.2600 as potential take profit areas if I manage to execute this trade.

Trade active:
Sold 1.2905, SL: 1.3051, TP:1.2750
Will be looking to add another entry if it reaches 1.2950

Trade active:
One more sell at 1.2927. Let's see if we get the classic Friday reversal

Comments

GBP may reach...1.2990-1.3000..then retrace to may be to 1.2890, which is a demand zone....and then push back....to 1.3100-1.3200 ... i think u will have a chance to exit some of ur positions ... and then re-evaluate...